The "Name-Your Own-Price" Model Pioneered by Priceline

question 6

Multiple Choice

The "name-your own-price" model pioneered by Priceline.com is a type of ________ auction.

• A)one-buyer,one-seller
• B)one seller,many potential buyers
• C)one buyer,many potential sellers
• D)many buyers,many sellers

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Definitions:

Shaping

A learning procedure in which successive approximations of the desired behavior are rewarded until finally the exact and complete behavior is learned.

Modeling

A learning process where individuals imitate or adopt behaviors, attitudes, or skills by observing others.

Classical Conditioning

A method of learning where a response initially triggered by a second stimulus is ultimately triggered by the first stimulus alone, due to the consistent pairing of the two stimuli.

Modeling

A psychological process in which individuals learn by observing and imitating the behaviors of others.